RIYADH—Saudi Arabia is ramping up efforts to lure international companies and revive Crown Prince Mohammed bin Salman’s plans for an economic makeover, after foreign investment fell to a 14-year-low in 2017.

The moves include plans to create two investment funds totaling over $18 billion for the government to enter into ventures with foreign companies, said people familiar with the matter. The kingdom is also pouring billions into entertainment-industry partnerships and working with SoftBank Group’s Vision Fund to bring technology...

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Why the Saudi Crown Prince Is on a Coast-to-Coast Tour of the U.S.

Saudi Arabia's crown prince Mohammed bin Salman is on a tour of the United States, as he presses ahead with his plans to reform Saudi Arabia from an ultraconservative petrostate to a country that is open to business and eager for foreign investment. WSJ's Niki Blasina reports. Photo: Getty. (Originally published March 21, 2018)